Additional PPP Loan Forgiveness Guidance Released on May 22, 2020

As you may be aware, more guidance for the PPP loans was released on Friday, May 22, the day after our webinar on the release of the initial guidance. The following are the items of note that were included in this most recent guidance:
  • If you are paying employees that are not working – you, the borrower, can establish the schedule. (Canon Comment: We would try and base it on some average if possible.)
  • Bonuses and hazard pay are allowed. (Canon Comment: We would still shy away from arbitrary bonuses if possible. If there’s a business reason, or it’s standard this time of year, then go for it. Otherwise, we think there are better optics for using hazard pay.)
  • Owner employees’ total forgiveness is capped at the lesser of 8/52 of 2019 compensation or $15,385.
  • Corporate owner retirement and health insurance are indeed part of the forgivable amounts. Note – general partners or self-employed do not have additional forgiveness for these amounts. Their forgiveness is based on self-employment income, which already include these.
  • Non-payroll costs can be PAID OR INCURRED. Thus, you may have three sets of utility bills, rent payments, etc. in your 56-day period. There will also be payments after your 56-day period that were INCURRED DURING your 56-day period. You’ll have the opportunity to deduct these if they are paid by their next normal billing cycle.
  • Borrowers will not be doubly penalized for the salary/wage reduction related to FTE reduction. That is, if you cut a 40 hour person to 20 hours, but kept their hourly pay rate steady, you won’t get dinged for both the FTE reduction and the wage reduction. (Canon Comment: We are not sure how this works with the existing application. We are guessing this will be another “off-application” adjustment allowed – as long as it’s documented.)

Please also be aware that both the House and Senate are working on and are close to passing changes to the PPP Loan Program. Some items of note are to extend the 8-week period, extending the loan amortization period, and possibly scrapping the 75/25 percent test. So, stay tuned…

In the meantime, if you have any questions, please contact us via phone at 215-723-4881 or via email.

Elm Terrace Gardens Technical Support Request

Craig Covington

Owner & Technical Consultant

Craig serves as a Technical Consultant on the Canon Capital Technologies team, guiding business clients through all aspects of Managed IT Services, Network Security, Data Backup & Recovery, and Help Desk Support. He was admitted to the company as a unitholder (owner) in 2019 and leads sales and marketing for the Technologies business unit. He has a business degree from Delaware Valley College and an MBA in Marketing from LaSalle University.  Prior to joining Canon Capital in 1998, Craig worked as a general manager of a car wash, as a controller of a heavy equipment company, and as a senior technician for a major home improvement company.  Craig is a Microsoft Certified Professional.  Craig also serves as executive director of Healthy Neighbors International, a non-profit medical missions organization serving in Nicaragua. Craig resides in Doylestown with his wife and has four children. He enjoys spending time with his family.

Computer Recycling Program

In an effort to support our environment, provide our customers with a cost-effective, easy way to dispose of their unused computer equipment and comply with local equipment disposal laws, we are announcing a new computer equipment recycling program. Here’s how it works:

At your request, we will recycle your used computer equipment for you. Computers will have their hard drives rendered inoperable (so that there is no possibility of anyone extracting data from them). We will then transport your equipment to a certified computer equipment recycling center for proper disposal.

To encourage as much participation in this program as possible, we are keeping the fee for this service to a minimum. To have your computers recycled, simply:

  1. Complete the form below, indicating the quantity of each item to be recycled
  2. Drop your equipment off at our office (along with this form), or give your equipment to one of our staff persons when they are at your office for another engagement
  3. We will send you an invoice for the service fee

Computer Equipment Recycling Program (PDF)

Canon Capital Technical Support Request

Note: Please use this form for NEW support requests only. Do not use for general correspondence or for checking the status of an existing request as this will create duplicate entries in our ticketing software.

“PPP Loan Forgiveness – What We Know as of 5/21/20” Seminar Recording

The long-awaited guidance on the CARES Act Payroll Protection Act (PPP) has been released. This seminar, co-presented on May 21, 2020, by Steven Moyer, CPA, PFS, CGMA, CSEP – Owner and Director of Tax Services and Brent Thompson, CPA CMA CGMA – Director and Manager provides details on what we know to be certain about the guidance at this moment.

Watch the recording of the seminar and access a PDF copy of the presentation.

Here is a PDF of the PPP Loan Forgiveness Application.

As always, please contact us online or via phone at 215-723-4881 with any questions. We continue to provide updates to this and other CARES Act guidance as information becomes available.

Kent Gerhart

Owner & Director of Technologies

Kent has over 35 years of experience in the computer systems and services field as a computer programmer, analyst, operator, and consultant. Before joining Canon Capital as the Director of Technologies in November 2000, he was the owner of KenTech Information Systems, Inc. from 1991-2000. Kent maintains authorizations with technology companies such as Microsoft, Datto, Inc., Altaro Backup, Hewlett Packard, Calyptix Security, and Axis Communications. His education in finance and computer systems comes from Montgomery County Community College and Ursinus College. Kent serves on the board of directors for DCP Theatre in Telford, is a United Way volunteer, and is House Church Shepherd with Renew Community Church in Lansdale. Kent and his wife, Cindy, reside in Telford and they have three grown daughters. Kent’s hobbies range from music (guitar, piano, worship leading), acting in community theatre, and ballroom dancing to doing “handyman” projects.

Services: Let’s Get Started

Accounting

Our team of certified public accountants, certified management accountants, and chartered global management accountants work with you to understand your goals – personal and business.

Payroll

You didn’t start a business to run a payroll company. We stay up-to-date on the latest tax rates and payroll practices so you don’t have to. Our efficient, cost-effective payroll services allow you to continue working on your business goals.

Wealth Management

We work with business owners and personal investors to provide unbiased advice and clear expectations on investment choices.  We work with companies to develop successful retirement plans, such as 401(k) and 403(b) plans, helping employees reach their retirement goals.

Computer Solutions

We take the worry out of your computer system management. From cyber threat management to data back-up, we work with you to address your concerns and make sure your systems are working for you.

Eight Reasons to Outsource Your Payroll

If you are working in-house as a bookkeeper or are running your own business, we know that you are already busy with the daily demands of your position. If processing your company’s payroll is among your responsibilities, we are here to bring you relief.

Here is why you should outsource your payroll:

  • It saves time.
    If your company does not have a dedicated payroll department, chances are it is a task assigned to you in addition to your current work. If you are running your own business, you would probably rather be working on growing your business instead of processing your payroll.
  • It saves money.
    Outsourcing your payroll saves money in many ways. Taking it off your plate frees you up to do the work you are meant to do. You will also lessen the risk of missing critical deadlines, which could result in penalties.
  • It provides convenience and value to you and your employees.
    From direct deposit and an online employee portal to tax filing and reporting, the efficiency of outsourcing your payroll provides value to you and your employees.

At this point, you are likely thinking, “That sounds great, but why should I outsource our payroll to you, Canon Capital?”

Why You Should Choose Canon Capital Payroll Services

  • Customization
    We fully customize your payroll to suit your company’s size and specific needs.
  • You don’t know what you don’t know.
    You have your expertise; we have ours. At Canon Capital Payroll Services, it is our responsibility to know about the updates affecting taxes and human resources that impact your payroll.
  • Responsive Service
    We can answer your questions quickly and be responsive to your unique needs, thanks to our payroll professionals and the support of our Certified Public Accounting and Technologies departments.
  • Added Value
    We provide services that are not always available with other payroll groups, such as withholding and reporting local and LST taxes.

We also offer these optional add-on services:

  • 1099 Payments
  • 1096 Annual Preparation
  • New Hire Reporting
  • FICA Tip Credit Report
  • Workers Compensation Report
  • Labor Distribution Report
  • General Ledger Report
  • Vacation/Sick Accrual Report
  • 401(k) Report
  • Check Reconciliation Report
  • Certified Payroll Report
  • Customized Reports
  • Direct Deposit Service
  • Vacation/Sick Accrual Tracking
  • Job Costing/Labor Allocation
  • Check Signature
  • Checking Stuffing
  • QuickBooks GL Interface

Canon Capital Takes the Hassle Out of Payroll

Conversion to our payroll service is simple and you will find that our comprehensive, easy-to-read reporting is thorough.

In short, outsourcing your payroll to Canon Capital Payroll Services saves you time, money, and stress.

Ready to learn more? Send a note online or call 215-723-4881 so we can begin customizing a payroll plan for your business.

Client Technical Support Request

Note: Please use this form for NEW support requests only. Do not use for general correspondence or for checking the status of an existing request as this will create duplicate entries in our ticketing software.